The essential notion of the capitalistic society is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force – Milton Friedman . An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state is defined as capitalistic society. Capitalism, undoubtedly, is a major driver of innovation, wealth, and prosperity in the modern era. Competition and capital accumulation incentivize businesses to maximize efficiency, which allows investors to capitalize on that growth and consumers to enjoy lower prices on a wider range of goods.
The benefits of capitalism are enjoyed by, Individual capitalists are typically wealthy people who have a large amount of capital (money or other financial assets) invested in business, and who benefit from the system of capitalism by making increased profits and thereby adding to their wealth.Prominent among critiques of capitalism are accusations that capitalism is inherently exploitative, unsustainable and creates economic inequality, is anti-democratic and leads to an erosion of human rights while it incentivizes imperialist expansion and war.
Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity is a non-fiction book by Raghuram Rajan and Luigi Zingales of the University of Chicago Booth School of Business.”Saving Capitalism from the Capitalists” is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us. The reality is far different. This book breaks free of traditional ideological arguments of the Right and Left and points to a new way of understanding and spreading the extraordinary wealth-generating capabilities of capitalism.
The free market is the form of economic organization most beneficial to human society and for improving the human condition.
Free markets can flourish over the long run only when government plays a visible role in determining the rules that govern the market and supporting it with the proper infrastructure. Government, however, is subject to influence by organized private interests
Incumbent private interests, therefore, may be able to leverage the power of governmental regulation to protect their own economic position at the expense of the public interest by repressing the same free market through which they originally achieved success. Thus, society must act to “save capitalism from the capitalists”—i.e. take appropriate steps to protect the free market from powerful private interests who would seek to impede the efficient function of free markets, entrench themselves, and thereby reduce the overall level of economic opportunity in society.
International Journal of Research (IJR) 